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Use the following to answer questions (1) - (15): Suppose a particular market has two firms, 1 and 2, thatproduce an identical product. The market
Use the following to answer questions (1) - (15): Suppose a particular market has two firms, 1 and 2, thatproduce an identical product. The market demand is given by: Q = 30 - P, where Q is the market quantityand P is the market price. Further, suppose 1 and 2 have the following total costs:l's total cost (TC,): TC, = 69, (where q, is firm 1's quantity)2's total cost (TC): TC = 292 (where 9, is firm 2's quantity)
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